Cardano’s DApp Transactions Surge Despite Market Downturn and Regulatory Restrictions
Cardano, a decentralized Proof of Stake (PoS) blockchain, has experienced a significant increase in decentralized application (DApp) transactions, according to a report by Messari. Here are the key points:
- Cardano saw a 49% rise in DApp transactions on its network, indicating a growing interest from developers and investors.
- The ecosystem’s transaction activity increased by 8.5% compared to the previous quarter.
- Minswap, a multi-pool decentralized exchange, emerged as the leading DApp on the network with 1 million monthly transactions between May and June.
- The average daily transactions on Cardano increased by 2% QoQ, and user engagement and active addresses also rose.
- The Transaction / Active Address ratio grew by 6.1% QoQ, suggesting increased user activity.
TVL Soars, but ADA Price Faces Challenges
Despite Cardano’s positive performance, there are obstacles the platform needs to overcome. Here are the main points:
- Cardano experienced a 198% surge in Total Value Locked (TVL) Year to Date (YTD).
- However, the platform has faced regulatory pressures, including court battles with the SEC and delistings from major exchanges.
- The TVL rose by 9.7% QoQ, but the SEC case and market sentiment caused a decline in TVL and a 22.4% drop in ADA token price in one week.
- Despite these challenges, Cardano continues to develop with the inclusion of new protocols, projects, stablecoins, and wallets.
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